Citizens Bank said it will offer financial support to businesses, nonprofits, and individuals affected by the severe storms and flooding in Rhode Island, Massachusetts, and Connecticut.
In a press release, Citizens said, "Citizens Bank is offering Flood Disaster Bridge Loans to Rhode Island, Massachusetts, and Connecticut business customers who have applied for federal disaster aid assistance from the US Small Business Administration as part of the federal government’s response to the severe storms and flooding that began on March 12."
Businesses can borrow up to $200,000 for 90 days at 4 percent with payments of interest only, the release added. Individuals can borrow between $1,000 and $10,000 with an unsecured loan at 2.65 percent from one to seven years with no prepayment penalty. To qualify, applicants must meet credit eligibility standards and have annual income less than $200,000, Citizens said.
Customers may also qualify to defer a payment on a Citizens auto or home equity loan, the bank said.